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S. ROSSIN & SONS v. COMMISSIONER OF INTERNAL REVENUE

Nos. 326, 327.

113 F.2d 652 (1940)

S. ROSSIN & SONS, Inc., v. COMMISSIONER OF INTERNAL REVENUE. FLEISHMAN'S ESTATE v. SAME.

Circuit Court of Appeals, Second Circuit.

July 18, 1940.

Attorney(s) appearing for the Case

Harry J. Leffert, of New York City (Cohen, Cole, Weiss & Wharton and Howard A. Seitz, all of New York City, of counsel), for petitioners.

Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key and Newton K. Fox, Sp. Assts. to Atty. Gen., for respondent.

Before SWAN, AUGUSTUS N. HAND, and PATTERSON, Circuit Judges.

SWAN, Circuit Judge.

The ultimate question presented is whether the corporation realized taxable income in its fiscal year ending April 30, 1936 by transferring on its books a reserve for bad debts to a liquidation account and distributing its assets to its sole stockholder. By a majority of nine members to seven the Board held that it did.

There is no dispute as to the facts. S. Rossin & Sons, Inc., was incorporated in 1922. Its books were kept upon the...

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